Attorneys have confirmed that the Chapter 11 bankruptcy filing of Emas Chiyoda Subsea has scuttled a foreclosure sale that had been slated for Tuesday on the company's spoolbase facility in Ingleside, Texas.
A trustee for the sale process told Upstream that the sale would not take place due to the move.
The troubled maritime contractor had faced foreclosure from Helix Ingleside due to default on a $30 million loan on the facility covering 119 acres.
